Riata Trace Parkway is north of town off Route 183, one of the main highways in Austin. Up there, right now you could buy a 3-bedroom house for $150-175K; there are also apartments in that area, in fact in the Riata complex itself, if you wanted to rent. I have several friends who have bought homes in that area in the past year or so. There are a lot of young singles (like my friends) that live up there, as well as some of their associated gathering places - many of the tech industry businesses office north of town. This part of Austin, though, is more strip malls and chain restaurants (Outback, etc) because the highways are the focus of the retail locations. (As opposed to downtown where you have a normal citylike atmosphere.)

The more typical Austin "scene" is focused on the university, downtown and South Congress Ave, which are somewhat less accessible from up north, but not a huge deal. As you get closer in to town, housing prices increase exponentially. You ask about areas to avoid - personally, I hate Interstate 35 (one of the other major Austin thoroughfares) and avoid it at all costs - if I had to commute on it everyday I would be miserable, so I would never want to live near it! Also, as you get north of Route 620 you will find newer, more affordable homes, but also will find more of a suburban (rather than young workaholic) lifestyle.

Hope your phone interview goes well, keep us posted.